New Delhi

BYD is significantly increasing its footprint in Southeast Asia by introducing three new models in Vietnam and is planning to add more models later this year.

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Today, the Chinese new energy vehicle (NEV) manufacturer launched three battery electric vehicle (BEV) models in Vietnam: the compact hatchback Dolphin, the mid-size sedan Seal, and the compact crossover Atto 3, which is also known as the Yuan Plus in China, according to a Reuters report.

In June, BYD started accepting reservations for these three models from local consumers. The company is set to inaugurate its first 13 retail stores in Vietnam this coming Saturday.

BYD plans to introduce three more new models to the Vietnamese market in October and aims to expand its dealership network to 100 locations by 2026, as noted by Vo Minh Luc, the company's chief operating officer for Vietnam.

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“Vietnam represents the final market for BYD in the Asia-Pacific region and is considered a key market within this region,” Luc remarked.

Currently, all BYD vehicles in Vietnam are being imported. The Atto 3 is priced starting at 766 million dong (USD 30,300), which is slightly higher than the starting price of VinFast’s VF 6, which is 675 million dong, according to another Reuters report.

The automobile market in Vietnam is relatively small. Data from the Vietnam Automobile Manufacturers' Association (VAMA) indicate that passenger car sales in the country totaled 214,619 units in 2023, reflecting a 25 percent decline compared to 2022.

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In May 2023, the Vietnamese government announced that BYD had committed to establishing a factory in Phu Tho province, located in northern Vietnam, to produce and assemble electric vehicles.

However, due to strategic adjustments and a slowdown in the electric vehicle market, BYD has postponed the construction of this plant, as reported by Reuters in March, citing a manager from the industrial park where the facility is planned.

BYD, which predominantly operates its manufacturing and sales in China, has also started constructing plants in several international markets. On July 4, BYD opened its first Southeast Asian plant in Thailand.

Furthermore, on July 16, Cambodia's Prime Minister Hun Manet announced on the X platform that BYD intends to build an electric vehicle plant in Cambodia with a capacity to assemble 20,000 vehicles annually.